We Are $500,000 In Debt And Our Business Isn't Making Any Money

[@TimoteoDeBaum]

They had no debt before, that's crazy. Their family friends already had to know the sales projection and knew it was tanking... That's so low of them

[@rorycalhoun6484]

remember, they're FRIENDS, not FAMILY. 😉

[@T12J7]

never do business with friends nor with family.

[@robloxvids2233]

Caveat emptor. Don't blame the sellers.

[@knighthawk3559]

Buyer beware 😂

[@MiguelRPD]

It saddens me they basically had no debt before this .... Talk about creating a massive hole for yourself so much so it's collapsed into a black hole and annihiliating everything around you.

[@1234kingconan]

One pattern I noticed with the deeply in debt callers is they have a hard time clearly explaining their financial situation. They don’t even know all the pieces in their puzzle themselves. It shows the mental state that lead to becoming so indebted. Just totally ignoring finances.

[@SidraAdele]

So true!

[@edkennedy7952]

Anyone that goes hundreds of thousands into debt ain't too bright to begin with.

[@ChrisDodges123]

Nah, they're just nervous on these calls.

[@fauxbro1983]

It's probably shame

[@turtleanton6539]

Yes indeed😮😮😮😮

[@bboyflashny]

Terrible! Trying to get rich quick without any experience in it.

[@BanditLeader]

The only way to get rich quick is through starting your own pyramid scheme ;3

[@ImRunningazoo]

@@BanditLeader you got it hahaha

[@stephenb7829]

@@BanditLeader would you be interested an amazing opportunity in selling herbal tea and medical oils ,I make a more then a million a week you can too!!

[@shaythiele1320]

This is bad like really really bad. Sometimes watching these helps me not feel so bad about my debt thou it sucks bad for them

[@mellel1797]

I am learning so much from Dave and these videos that depict the money mistakes of many. The lesson: it isn't how much one earns, but how well they manage what they earn.

[@FallicIdol]

100%

[@Giorg189]

The problem is that they 'manage' money that they do not own... that's debt.

[@tonyd9312]

don't hold back on giving him the financial debt info! It's like not telling a doctor if you're on any drugs and hide some of your illnesses when he's trying to help you.

[@al1395-y3d]

Family "Friend" What a blessing they were

[@juniorgod321]

She should go deliver pizzas to help pay for that debt... for the next 800 years!

[@ChrisMFlorida]

Get the kids to do it too.. on their tricycles

[@maxinef6654]

Lol 😂

[@Alvin-er1rz]

009990

[@Giorg189]

You forgot to mention the new diet: Rice & beans, Beans & rice.

[@Only2GendersCommonSense]

@@Giorg189 Gonna have to substitute the rice for water 💦💧

[@amyvittum7934]

Sell the houses, sell the business, sell the truck. Sell everything! Work, work, work

[@speakingtruths4215]

Amy Except the property’s are not selling, or did you not listen to the call? She lowered one from 250k to 60k and no takers for a year and a half.

[@QueenStylin]

$180,000??? They should have just franchised a McDonalds or something similar. Much cheaper.

[@detectiveMM]

QueenStylin McDonalds are surprisingly expensive. Like a million dollars here in California

[@MarsTohum]

You need 2-300 thousand down payment maybe more but you also need a net worth of 1 million aside from that to be able to purchase it as well

[@FallicIdol]

@@MarsTohum Exactly. McDonalds is very picky, which is why they aren't closing stores the way Subway is now.

[@davidmmm8]

Cheap MCD franchise? HAH!

[@strat1080]

I don’t get into business ventures with family. I won’t even rent a property to family. It’s just so awkward

[@tone3817]

Rice & Beans?... Nope, its Bread & Water for you sweetie..

[@NUCLEARARMAMENT]

Soup kitchens are free and they serve food that is just as good as what the average American eats.

[@FrauIndian]

Mark Hayward, You forgot about having a protein source. Then they will need to make sure they get enough iron and vitamin c and salt too.

[@carojames6776]

Bina Walburn But only at Christmas.

[@Meira750]

@@FrauIndian Why doesn't he suggest people who have houses plant a garden That's how a lot of people survived the Depression. They were called Victory Gardens. If you don't have an HOA, you can probably keep a few chickens too. While the veggies don't provide complete protein, the money they save on them can buy some protein. Not everyone can eat beans.

[@RKLIFE17]

@@FrauIndian stray cats?

[@w.w.9047]

“We bought a business from family friends”….yeah, don’t do that

[@TiktokTownhall]

cant get help if you lie about how big the problem is

[@randy944]

Another example of how some people can never be happy with what they have. I think most of us would be very happy with $140k a year and that will go up over time.

[@robcochran6213]

Dave: Well you can always deliver pizza's part time and make $5000 per month OK Thanks Dave

[@TelmaFrege]

This girl is the embodiment of the song "Oops, I did it again..." One bad decision after the other... :(

[@MR3DDev]

Makes 140k a year and has 500k in debt, who is out there telling these people “ yes, keep putting borrowed money on this, it will pay off eventually”?

[@mattenderle1766]

Sell the properties, close the business, and work on the $300K in debt. 60k/year puts you at debt free in 5 years.

[@TheAazah]

Yeah she would need to earn 120k a year. 60k to pay off 300k debt in 5 years isn't exactly how you would pay debt because you gotta add living expanses.

[@andresreyes5398]

Why did they pay 180,000 for the business part if it clearly wasn't bringing in the proper amount of money to be worth that amount

[@maxinef6654]

Andres Reyes That’s why the friend sold it. The friend knew the business was a sinking ship. Unfortunately the caller and her husband didn’t do their homework.

[@jxsilicon9]

If they see a sucker, they're going to lick.

[@ChrisMFlorida]

This call is so odd..

[@TheToadChild]

A lot of things got fuzzy in the discussion. Not quite sure what she owes still, who she owes it to, and in what amount.

[@kveks87]

Five Cents Matter I think she was ashamed of the credit cards. I think she lied about about it only being 30k. she probably had an absurd amount of credit card debt and didn’t want to embarrass herself.

[@QueenStylin]

Now is not the time to be embarrassed. She needs help and is hindering her blessings by not disclosing ALL of her debts.

[@speakingtruths4215]

I Should Know This The sad thing is that she doesn’t really seem to know, either.

[@edkennedy7952]

@@kveks87 lol, yup

[@methujeraya]

2:51 Lol sums up the call

[@edkennedy7952]

lol, just when you think you've heard it all......

[@FaithBusiness]

Once they've sold off the assets Dave suggests, they can at least get a proper estimation of how far in debt they are.

[@PInk77W1]

$145,000 income and 145 different debts, what could go wrong

[@CookingLessonsforDad]

What a mess!

[@sunset6010]

IT'S DIZZYING My question is : If they were doing so well before, why did they sign up for this business ? Greed, perhaps ? I just can't figure it.

[@sharonsanghez9430]

They probably let their family gas them up before actually sitting down and looking over the financial details.

[@blackworldtraveler3711]

Sun Set I always see people pushing starting a business as a wonderful thing on KZbin and other forums/message boards. How having a job/career is wrong and like slavery. Instant wealth,gratification,and whatnot. With no thought of financial backup,skills,health insurance,common sense,etc..

[@garyhost1830]

Yeah i know, she keeps saying they make really good incomes. But theyre 499,000 behind

[@aerohk]

People can have dream and ambition. Nothing wrong with wanting to run a business. They just failed to properly value the business.

[@aerohk]

@bobloblaw4life fair point.

[@ScribNet]

“Some personal loans” - totals more than 300k GOOD LORD

[@daninbox]

If debt snowball was ever needed this would be it. Need to clean up small tasks just to focus.

[@patty109109]

Good income, no debt...then jeopardizes all and risks all personal assets on a Hail Mary. I am not even against borrowing for a business but you need a “stop loss” on it. When you’re levering house, CCs, personal loan...bad sign.

[@carlton2361]

Omg 500k in debt lol You gone have to do some serious hustling

[@BanditLeader]

Sell your house! Sell your kids! Sell yourself!

[@NUCLEARARMAMENT]

Just declare bankruptcy and wait seven years.

[@BigRed2]

Nuclear Armament Yup will take longer then 7 years to pay it off and you will have to work 30 hours a day lol

[@nikitaLEGALL]

They git into business without knowing how to run a business.

[@CrustyNightSock]

Obviously you hire a roaming arsonist to burn down the properties and collect the insurance money.

[@panamericaco]

Mr. Interesting its called Jewish lightning 😄

[@ImRunningazoo]

@@panamericaco omg ppl are extra funny on this video hahaha good one

[@ImRunningazoo]

HAHA

[@LittleHatori]

Yea, obviously 😂😂

[@06XTOR]

Lol

[@ianmowbray3284]

Why do they always have a $30.000 car lol !!!!!!!

[@mimamimma2183]

Ian Mowbray some how, when people like us are out here driving a used $8000 car bought cash

[@computerscientist5953]

@49jubilee there are good vehicles under 10k...

[@louyht7]

@49jubilee It called Toyota.

[@Uniqorn]

What I can't understand is how some people are smart enough to make hundreds of thousands of dollars, but then dumb enough to mostly lose it all again

[@sami-9233]

Unexpected medical bills, bad business decisions, student loans, frauds, theft, car accidents. There are plenty of causes even smart people lose money in

[@Ian_Beale_Eastenders]

Im broke, living on state benefits (no debt) And these folk make me feel loaded lol

[@johnadams3418]

Never a good idea to borrow personally for a business. Especially credit cards. Sounds like they kept pouring more money into a bum deal to try to make it not be a loss. Or at least minimize it. Either way, it should have been liquidated well before this point.

[@jaimecruz5367]

John Adams kind of what the feds are doing to the banks right now. Keeping them afloat.

[@joeregan63]

Yup, terrible idea. 20% debt on a $250k business, you need to make $50k a year just to service that debt. Plus it sounds like her business and personal debts are all mushed together. Is bookkeeping happening here?

[@Londonbridge978]

I would just file bankruptcy 😂

[@5000MikeMaster]

Lyndon Coleman exactly

[@ThePresentTimeNow]

im in the same boat. Im in a lot of debt, business isnt making money, and im scared.

[@LaDeeDah]

Why are you in debt?

[@NUCLEARARMAMENT]

Just declare bankruptcy and wait for seven years.

[@Mizmoon2020]

The most important thing is to face reality. If the business is not going to make money then move forward with that is a fact. Try to find someone to sell the business to. If you can’t or that’s not possible, close it and get all the tax benefits that you can. Don’t keep throwing good money after bad because you feel bad that you’ve already put so much money into it. That money is gone now. The next big question is what can you do to make as much money as possible.. probably getting a job. Move forward with making as much money as you can. I know you’re scared and you feel bad but this happens to millions of people. You are going to be OK. You will figure out how to move forward and you’ll do it. We careful about listening to people these message boards - They can be mean and often they don’t know what they’re talking about. But one thing is true - you going to be OK

[@timelessmusicfamilymusic9175]

I think they took on more than they can handle.

[@JogBird]

theyre headed to divorceville imo

[@nightfangs2910]

this is what happens when you don't do diligent research on your friends business long before you invest in it to see if it's a viable business to begin with

[@maxinef6654]

ron sylvia And that friend is laughing his behind all the way to the bank.

[@rnalamo47]

Shouldn't they have required seeing profit/loss statements about that business for the five years before considering the purchase ?

[@noncustody]

Wow, talk about being in over your head! 😱

[@tomsassurance]

She sure avoided the amounts owed to family and friends....I'm sure they did not get the story she just told Dave.

[@christopherreid3184]

Just because you bought a business doesnt mean automatic success. They should have started a business of there own with less capital no loan to start with a d grow that how i started my part time business. Working day job and using that funds to grow the side business no debt.

[@Plainpat94]

That lady is a mess

[@OFFTHEDOMEApparel]

i like the setup very professional !!!!

[@MaSX2024]

If it can be cleared with a payment, it is not a problem but a ‘cost!’

[@aldelgado9343]

This couple is pretty greedy, they are way over their head.

[@new_filler]

Starting a business doesnt make you greedy, it was just the wrong decision.

[@aldelgado9343]

@@new_filler they started with greed then they made bad descicion.

[@edkennedy7952]

World is full of people like this.

[@vinnyt.8027]

Anything below beans and rice for these folks

[@tamaralaird3389]

bread and water, soups,

[@maniacattack8426]

Don't do business with family and or family friends.

[@Infinitelybetter466]

I noticed Americans like to take out credit card loans on basically things they don’t even really need. But best of luck to this sweet lady. I’m sure she’ll figure it out. She took a risk starting that business but clearly isn’t working out well.

[@Darkrider6970]

They made mistake after mistake. This is an example of a couple that needs the strict structure of a program like financial peace university. With their salary, they have a realistic pathway to financial security if they budget, don't take on unnecessary debt, and save/invest. Unfortunately, they've dug themselves a hole but hopefully when they sell off their properties, business, and truck they are left with a debt they can manageably pay off.

[@alanvazquez1635]

In my opinion, they did not do their proper research prior to purchasing the business. Their “friend” probably just showed them sales reports of what they could possible make. They did not take into account expenses: overhead, inventory cost, labor, etc. there’s a huge difference between Gross income & NET income/profit. Even then though, you got to know when to pull the plug! $500k in debt?! Cmon...

[@tturner0051]

Only 76 Mbps? I figured Dave would be rocking at list a gig down....

[@GrimYak]

He probably has an 100mbps connection. At 75% reliability that sounds about right

[@hbarudi]

Looks like a business failure here, unlike student loans, at least there protections in place and of course if the property mortgages on those business places are quickly becoming unaffordable, they can sell them off and be able to remove some of those loans from their mind.

[@TelmoAmaro]

Skip delivering pizzas, buy the whole pizza company with cash and maybe you can pay the 500k... if you dont mismanage and end up with +500k in debt

[@zunaiandre2341]

Congratulations👌

[@Melbournerider]

I can’t believe how cheap property’s are in America

[@numbereightyseven]

You'd believe it if you had to live there.

[@Shaolin91z]

Accidentally something caught on fire....and then the insuranance etc.....

[@jimh4167]

Should never dig yourself in a hole like this. Without some business classes

[@jimh4167]

Sell every thing

[@grayandgray]

Maybe they could sell that business for 1/2 the value of whatever inventory they have, at best. An astute buyer would probably recognize the inventory as garbage. It's wild they would pay $180K, go on this ride, then think they can list it for $250K out of thin air.

[@maxinef6654]

grayandgray they’re hoping that a sucker like them will come along.

[@tamaralaird3389]

@@maxinef6654 exactly

[@robloxvids2233]

I have a feeling they sell bedazzled hats that say stuff like "It's wine O'clock somewhere!"

[@gl5616]

No student loan debt? Thank God !

[@MostlyEnds]

Bankruptcy would be the smartest way forward.

[@mikenelson8377]

Nick Keith disagree. They make enough to clean this mess up. As DR said, they need to sell everything in sight. Get rid of those business, mortgages, credit cards and cars. They do not need $30k worth of cars 🤦🏼‍♂️

[@NUCLEARARMAMENT]

@@mikenelson8377 Donald Trump didn't do that and he's still rich.

[@LaDancePaws]

@@NUCLEARARMAMENT um. Donald Trump filled bankruptcy on his businesses at least 3 times. 😂 He doesn't actually know how to run a business. Don't follow him. Just listen to Dave Ramsey.

[@NUCLEARARMAMENT]

@@LaDancePaws Donald Trump is worth over $3 billion and Dave Ramsey isn't worth even $100 million. Robert Kiyosaki uses debt also and has a net worth of at least $80 million, which is still more than that of Dave Ramsey. I think I know who I'd rather listen to, and it certainly isn't Dave Ramsey and his hypocritical anti-debt agenda.

[@LaDancePaws]

@@NUCLEARARMAMENT 😂😂 Donald Trump's money is inherited from his dad. And if he was actually smart, he would have done wise investments and not done anything and would have much more money. He is just lucky his stupidity hasn't outspent his inheritance. And having debt subtracts from net worth. So Robert Kiyosaki is probably not as wealthy as you think he is. 😂😂

[@owenb8636]

Time for a suspicious fire

[@Alex-ot6zt]

Bankruptcy time!

[@kaylasell419]

I'm in AMA. I wonder what business this is

[@jiujitsu806]

Same!

[@shialourdes7547]

5 kids, no wonder.

[@thomasokeefesr6022]

This is STUPID. START DELIVERING PIZZA>

[@sctony7116]

She keep sayin' we make very good income 140K together blah, lemme tell ya dat aint good freakin doodle doo income AT ALL. Thats like 70K per each. I make 100K myself but never EVER i regard myself as high income earner enough to buy business. I guess you havent seen real corporate high earners yet. I work in banking indistry loc @ Financial District in big city. You have no idea

[@strat1080]

You’re an idiot. Salary is relative. Cost of living in the TX panhandle is really low so $140k is actually really good. You seriously can’t be this naive. Making $140k in NYC, DC, or San Francisco is not the same as making $140k in Amarillo, TX where housing is much much cheaper

[@Inferno909]

Idk if I’m the only one that thinks this is not funny.

[@thinkmackay8954]

Never bet your rent money!

[@speakingtruths4215]

Dave’s head is spinning.

[@lllllllllarose]

she’s really drowning in debt

[@kona6451]

good lord how cheap are these properties

[@leachristine5264]

"We have good jobs" *in a crazy amount of debt with their business thats eating them alive* So thats....good?

[@allanhood8402]

Get the KY Jelly out

[@stevelee7781]

Hurts to listen

[@Cesar-pq2ck]

Isn’t owning a business supposed to make you money not put you in debt? Saying “I own a business” is cool but that’s about it.

[@HLTrds]

Hell no, owning a business with overhead sucks!!

[@strat1080]

She didn’t seem super forthcoming. Like she was being dishonest or didn’t have a handle on the debt

[@tehufn]

1/3 of the video is going over debts…

[@raymondgaray8119]

He gave no extra advice, she already set in motion all this.....he literally gave nothing extra what a waste of time

[@QueenStylin]

She asked in the beginning should she sell or not. He answered her question.

[@turtleanton6539]

Ooof😮

[@kandydavins]

🚨🚨🚨🚨🚨

[@CharlesvanDijk-ir6bl]

Make undocumented withdrawals aka bank robberies.

[@jennyscranton8433]

People need to quit Chasing the AMERICAN DREAM it DOES NOT Exist even if you do make money in America it will not save u from REALITY OF A LONG HARD LIFE 4 EVERYONE SORRY PEOPLE if its not one tbing it will be anouther quit DREAMING

[@LL-xx4iq]

Wow! One is better with working at McDonald's making minimum wage and not having any debt! Wow!

[@Simonofcalifornia]

She needs to wisen up and get some gray hair like Ramsey.

[@leahv5892]

It’s why I would never start my own business. You could just lose everything.

[@jeep19]

LoL 😂 the old, bought a business through family and friends... you deserve it 🤔 after hearing her 😉 try to explain 👍

[@Noulvari]

He’s internet speed is 76 mbs.

[@milesshockdepaul]

Why do they always cut Dave off when he's trying to counsel them? Why call in if you are just going to defend yourself? I thought the whole point was to ask for help, not justify yourself publicly. My Lord!! Lol.

[@shachede6828]

sell every thing. everything

[@itscali619]

Sell your car

[@jonathanlovesadventure7838]

a greedy wife that wanted more who has no experience with business or handling money.

[@CroisMoi]

How is it greedy to run a business?

[@vsonic86]

Seriously I thought once you are own a business, you are rich?

[@jimh4167]

Get jobs

[@cancel.lgbtq.6892]

Just want to give shout out to Investing Hustler if he's here to post about how successful he is.